There are always three crucial up-front decisions for anyone who starts a small business. The first is whether to take the plunge at all. The last is how to proceed on your new venture in terms of basics such as finances and lifestyle.
But the second decision may well be the toughest: Just exactly what business, or what kind of company, am I going to start, anyway? Once you’ve decided that the entrepreneurial life is for you, how do you choose the right business? What specific industry -- or even what niche -- appeals to you or would make the best use of your abilities, aptitudes and assets. We show you how to sort it all out.
Here are the six important steps for choosing the right business:
Follow your passion
The best option is always to make or sell a product or service that you know about and love. If you're looking for someplace to score a short-term hit just for the sake of reaping a financial gain, that's fine - get in; make your money; and get out. But if you're looking to start a business for the long haul that suits your temperament, your strengths and the lifestyle you want, you must choose a business that you love.
The advantages of following your passion are many. For one thing, if you truly believe in what you're marketing or selling, you'll stand a much better chance of making a sale. And when tough times come - and they will - you'll be much more likely to fight through them.
Barbara Yugovich, for instance, was an enthusiastic high-school t...
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